HC Wainwright Reaffirms “Buy” Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research note issued on Friday, Benzinga reports. They presently have a $64.00 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 28.75% from the stock’s current price.

Several other equities analysts have also issued reports on the company. Guggenheim began coverage on Rhythm Pharmaceuticals in a research note on Monday. They issued a “buy” rating and a $70.00 price target on the stock. Bank of America boosted their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Needham & Company LLC reissued a “buy” rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. Finally, JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target on the stock. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.33.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $49.71 on Friday. Rhythm Pharmaceuticals has a 52-week low of $21.63 and a 52-week high of $55.64. The stock has a market cap of $3.03 billion, a PE ratio of -10.74 and a beta of 2.07. The firm has a 50-day moving average of $49.30 and a 200-day moving average of $44.71.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping the consensus estimate of ($0.71) by $0.16. The company had revenue of $29.08 million for the quarter, compared to analysts’ expectations of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period last year, the firm earned ($0.82) earnings per share. As a group, analysts predict that Rhythm Pharmaceuticals will post -4.43 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, Director Jennifer L. Good sold 31,751 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Lynn A. Tetrault sold 17,501 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total transaction of $868,924.65. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at approximately $148,950. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at approximately $157,200. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,252 shares of company stock worth $5,393,885 in the last ninety days. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently modified their holdings of RYTM. CWM LLC increased its stake in shares of Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares during the period. ORG Partners LLC bought a new position in Rhythm Pharmaceuticals in the 2nd quarter worth $51,000. ORG Wealth Partners LLC bought a new position in Rhythm Pharmaceuticals in the 3rd quarter worth $63,000. Quest Partners LLC lifted its position in shares of Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after purchasing an additional 1,391 shares during the period. Finally, ZRC Wealth Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 392.8% during the 1st quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after purchasing an additional 1,571 shares in the last quarter.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases. The company's lead product candidate is IMCIVREE (setmelanotide), a rare melanocortin-4 receptor for the treatment of pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, and Bardet-Biedl and Alström syndrome.